Adam Nash, CEO of robo-advisor Wealthfront does not feel threatened by the possibility Apple or Google could enter the space. Speaking at an Investment Company Institute panel on millennials, Nash suggested the two behemoths are likely to remain focused on other areas. However, one company that Nash must worry about is Merrill Lynch, who is ready to launch a new offering of impact investing products. "We're teaching advisors not to view clients just as piles of money, but to think about their customers' careers, families, philanthropy and how they spend their leisure time as well," noted Andrew Sieg, Bank of America/Merrill Lynch's global wealth and retirement solutions chief.

Many RIAs believe reaching the $1 billion in assets under management milestone is the sign of a successful business. However, there are more important aspects of your business. Matt Cooper, President of Beacon Pointe Wealth Advisors, says RIAs should focus on creating "a high-quality business that attracts and serves clients" and continue to reinvest in their businesses.

Speaking at the SkyBridge Capital SALT conference in Las Vegas, oil tycoon T. Boone Pickens announced he believes West Texas Intermediate crude oil will hit $75 per barrel by year-end. "Last year, you had 1,609 rigs running for oil, and I said in December that we would see half those rigs go down in four months, and now we're down to 622 rigs," Pickens said. He continued, "Right now, demand is very, very good for oil, and supply starts to go down, so the price goes up." Pickens also suggested there is no connection between earthquakes and fracking, and said he supports Jeb Bush in the 2016 presidential election.

US equity markets trade at/near all-time highs despite the slowdown in corporate profits. Jeffrey Kleintop, Senior Vice President and Chief Global Investment Strategist for Charles Schwab believes the decline in earnings is likely short-lived, largely impacted by foreign exchange headwinds and the winter weather. He believes strength in the major economies and a pick up in the Purchasing Managers Index are signs earnings growth will return for US companies.

UBS announced Brian Hall will replace Bob Mulholland at the helm of UBS Wealth Management Americas. Hall takes over the reins of the UBS' Client Advisory Group after serving as head of Strategic Clients & Partnerships, and as a member of both the WMA and Americas Executive Committees. Mulholland is retiring after 36 years in the industry, the last six of which were spent at UBS.